Bitcoin traded slightly lower Thursday and with the digital currency’s recent rally, showing signs of stalling around the $9,000 area, some technical analysts are concerned the king of cryptocurrencies could be in for a near-term pullback.
After rallying from just over $6,900 earlier this month to over $9,200 earlier this week, a pullback would not be surprising and it would be, arguably, healthy. Additionally, some bitcoin price forecasts imply massive upside from current levels. Some bitcoin bulls believe the digital currency can rise to $25,000 this year. Others see $200,000 and higher being reached in just a few years.
Now this: John Pfeffer, a partner at UK-based Pfeffer Capital, said at the Sohn investment conference in New York that bitcoin could eventually be worth $700,000.
“Bitcoin is the first viable candidate to replace gold the world has ever seen,” Mr Pfeffer said, reports The Independent. “So if bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency.”
Some market observers doubt bitcoin’s ability to be a credible threat to gold, citing, among issues, lack of adoption of digital currencies as stores of value, gold’s centuries-long reputation as a currency and a store of value and gold being significantly less volatile than digital assets.
“Mr Pfeffer said that if bitcoin displaced 25 per cent of foreign reserves, the total worth of the bitcoin network would be somewhere in the region of $6.4 trillion,” according to The Independent.
Pfeffer is the first hedge fund manager to highlight cryptocurrencies at the famed Sohn conference. However, he also mentioned that the asset class carries significant risks and that outside of bitcoin, most other crypotcurrencies could potentially punish investors.
Over the near-term, market participants appear bullish on bitcoin, the largest digital currency. A recent survey of an albeit small group suggests 82% of those polled believe bitcoin has put in a near-term bottom.
$19 million worth of Bitcoin (BTC) seized in dark web drug probe
The U.S. government has seized $19 million worth of BTC from a drug trafficker, who allegedly laundered funds through the cryptocurrency on the original dark web marketplace known as “Silk Road.”
The U.S. Attorney’s Office for the Southern District of New York announced the news on Thursday, saying that the trafficker, Hugh Brian Haney, 60, was arrested near Columbus, Ohio. In 2017 and 2018, Haney allegedly transferred bitcoins representing drug proceeds he had earned through Silk Road to an account held at a company involved in the exchange of bitcoin and other cryptocurrencies. He claimed falsely that the source of these bitcoins was from mining.
Haney is charged with one count of concealment money laundering and one count of engaging in a financial transaction in a criminally derived property. The former count carries a maximum jail term of 20 years, while the latter a maximum term of 10 years.
Homeland Security Investigations (HSI) special agent-in-charge Angel M. Melendez said:
“HSI special agents employed blockchain analytics to uncover and seize bitcoins valued at $19 million and usher Haney out of the dark web shadows to face justice in the Southern District of New York.”
“Cryptocurrency is a great idea” – Ron Paul
During a recent “Squawk Alley” interview, Former Republican congressman and presidential candidate, Ron Paul- discusses how he is in favor of cryptocurrencies as well as block change technology. Apparently, he enjoys competing currencies and believes they are a good idea.
He also believes that the governments only have the right to step in to prevent fraud from taking place. In the interview, Paul states that, “the government has a role. And if somebody has a case that there is fraud, I think it should be investigated.” Paul then goes on to state that what he wants to do “is legalize the freedom of choice, absent blatant fraud.” Agreeably so, this is exactly the type of perspective that the crypto world needs.
Throughout the interview, Paul compares crypto to gold in many ways. He points out how both assets are competing with traditional fiat money. He discusses how our government has never been “very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”
This isn’t the first time that Ron Paul has discussed his views on crypto. Back in 2014, the Former Republican Congressman displayed his concerns about the foundation of crypto and Bitcoin. However, he acquired a bearish pro-crypto outlook on the future of fiat money. Paul believes that the dollar won’t last long as “they all self-destruct.” According to Paul, the only competition for the dollar is the euro and yen- which “isn’t any good.”
33 CryptoCurrencies In 4 Words Or Less
We put together this list to describe the top cryptocurrencies that are worth your time in 2019.
Each gets four words. There are many!
Hopefully this provides orientation.
Scroll Down To View An Awesome Infographic from MrBtc.org!
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